Higher interest rates in recent quarters also have helped the Charlotte, N.C., bank

Rising interest rates and a massive tax cut carried Bank of America Corp. to a 33% increase in second-quarter profit, making it the latest big bank to benefit from strong economic conditions.

Quarterly profit at the Charlotte, N.C.-based bank, the second largest in the U.S. by assets, rose to $6.784 billion from $5.106 billion a year earlier. Per share, earnings were 63 cents. Analysts had expected 57 cents a share. Revenue fell to $22.609 billion from $22.829 billion a year earlier, when the bank posted a one-time gain related...